Soligenix Reports Year-End 2011 Financial Results and Highlights Recent Accomplishments ($SNGX)

Soligenix Inc.(OTC:SNGX) is a development stage biopharmaceutical company committed to developing products to treat life-threatening side effects of cancer treatments and serious gastrointestional diseases, and vaccines for certain bioterrorism agents.  Soligenix has two areas of focus: 1) a therapeutics segment dedicated to the development of products for orphan diseases and areas of unmet medical need such as pediatric Crohn’s disease, acute radiation enteritis, and Graft-versus-Host disease (GVHD), and 2) a vaccine/biodefense segment to develop vaccines and therapeutics for military and civilian applications.

Soligenix recently released its 2011 financial results.  The Company's revenues for the 2011 calendar year increased to $7.7 million from $1.9 million the previous year.  The increase is credited to the $5 million non-refundable license fee obtained from Sigma-Tau Pharmaceuticals, Inc. and the the expansion of Soligenix's North American commercialization rights to orBec®.  The expansion of oral BDP (oral beclomethasone dipropionate) into the European Territory (the Sigma-Tau Agreement) is also responsible for The Company's growth in the past year. 

 

The Company highlighted these accomplishments by stating,

"This increase is primarily attributable to payment of approximately $1.0 million in the form of cash and company stock to our orBec® licensor in connection with the Sigma-Tau Agreement offset by reduced spending resulting from the stoppage of our Phase 3 clinical trial of orBec® in the treatment of acute gastrointestinal Graft-versus Host disease (GI GVHD)." 

Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix commented,

"In 2011 we saw the unfortunate stoppage of our Phase 3 trial of orBec® in acute GI GVHD at the recommendation of an independent Data Safety Monitoring Board. As a result of this event, we have restructured the organization by decreasing headcount with a continued focus on cash management and research and development program expenditures. We remain committed to evaluating all strategic options while we continue the development of our oral BDP programs for pediatric Crohn's disease, acute radiation syndrome and acute radiation enteritis as well as the development of our vaccine programs including our novel thermostabilization technology, ThermoVax™." 

Read the full press release, courtesy of PRNewswire, here.  

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